How to check your Cibil score?1 min read . Updated: 19 Jul 2020, 01:02 PM IST
- According to TransUnion Cibil, 90% of the loans are granted to those with a credit score of over 750
- A good credit score my get you a cheaper loan with lower EMIs
A Cibil score or a credit score is one of the first checks that a lender does while evaluating your loan application to understand your credit health or credit worthiness. According to TransUnion Cibil, 90% of the loans are granted to those with a credit score of over 750. The higher your Cibil score, the higher are the chances of your loan getting approved.
Cibil or credit score is a three-digit numeric summary of your credit history. The value may range between 300 to 900. It indicates the probability of default by a borrower based on his credit history. A good credit score my get you a cheaper loan with lower EMIs.
It is computed by TransUnion Cibil or, Credit Information Bureau of India, which is the country's premier credit reporting agency. It was launched in 2000. TransUniuon bought 92.1% stake in Cibil in 2017. It collects and maintains credit reports from banks and financial institutions on individuals' loan and credit card payment history.
How to check Cibil score?
Cibil score is calculated on the basis of at least 6 months of historical financial data of an individual. Here are the steps to get your credit score from CIBIL:
1)Go to the official website of TransUnion Cibil and click on Know Your Score.
2) Fill up the online form which asks for your personal details such as name, date of birth, address, pin code, id proof, past loan history and other relevant data.
3)Next, Cibil will send you an OTP to verify your details. It may even ask you for more information to know you more. Cibil follows a robust authentication process. Make sure you have details of your different loans like home loan, credit card and your mobile phone handy.
4)Upon successful verification, you will receive your Cibil score report for free.
Cibil provides you with one Cibil Score and Report without any charge once in a calendar year. However, checking once is not enough and credit-conscious consumers should monitor their Cibil Score and Report regularly to be loan-ready whenever the opportunity and need arises.
Also, if in the same year, you want your Cibil Score again, you need to subscribe to Cibil, make payment according to the selected plan and receive your report.